Find the sum of money when increases of itself every year amount to Rs.600 in 5 years
Answers
Answer:
This is an example of an exponential growth problem. Exponential growth can be modeled by the equation P = a(r)t, where a is the initial amount, t is ...
Answer:
MATHEMATICS
Utkarsa D. asked • 07/04/15
Find the sum of money when increases 1/10 of itself every year amount to Rs. 600 in 5 years.
Find the sum of money when increases 1/10 of itself every year amount to Rs. 600 in 5 years.
Follow2
Add comment
More
1 Expert Answer
By:
Best
Stephanie M. answered • 07/07/15
TUTOR 5.0 (697)
Private Tutor - English, Mathematics, and Study Skills
ABOUT THIS TUTOR ›
This is an example of an exponential growth problem. Exponential growth can be modeled by the equation P = a(r)t, where a is the initial amount, t is the time that has passed, P is the amount after time t, and r is the rate of growth.
For your problem, t = 5 years and P = 600. The money increases by 1/10 = 10% each year, so each year, the amount of money is 110% of the previous year. That's a rate of growth of r = 1.1. So:
600 = a(1.1)5
600 = 1.61051a
372.55 = a
The sum was initially Rs. 372.55.
Step-by-step explanation: